UNITEDTable STATES SECURITIESof AND EXCHANGE COMMISSION Contents

~~WASHINGTON,~~UNITED ~~D.C.~~STATES SECURITIES ~~20549~~AND EXCHANGE COMMISSION

~~FORM~~WASHINGTON, ~~8-K~~D.C. 20549

~~CURRENT~~FORM ~~REPORT~~8-K ~~Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934~~

~~June 3,~~CURRENT ~~2005~~REPORT Pursuant to Section 13 or 15(~~Date~~d) of ~~earliest~~the ~~event~~Securities ~~reported)~~Exchange Act of 1934

~~CAPTEC~~June 28, ~~FRANCHISE~~2005 (Date ~~CAPITAL~~of ~~PARTNERS~~earliest ~~L.P.~~event IVreported)

~~(Exact~~CAPTEC ~~Name~~FRANCHISE ofCAPITAL ~~Registrant~~PARTNERS asL.P. ~~Specified in Its Charter)~~IV

Delaware (State or Other Jurisdiction of Incorporation)		333-9371 (Commission File Number)		38-3304096 (IRS Employer Identification No.)
24 Frank Lloyd Wright Drive Lobby L, 4th Floor Ann Arbor, Michigan (Address of Principal Executive Offices)				48106 (Zip Code)

(Exact Name of Registrant as Specified in Its Charter)

(734) 994-5505 (Registrant’s Telephone Number, Including Area Code)


Delaware	333-9371	38-3304096
(State or Other Jurisdiction of Incorporation)	( Commission File Number)	(IRS Employer Identification No.)

(Former Name or Former Address, if Changed Since Last Report)


24 Frank Lloyd Wright Drive
Lobby L, 4th Floor
Ann Arbor, Michigan		48106
(Address of Principal Executive Offices)	(Zip Code)

~~Check the appropriate box below if the Form 8~~(734) 994-~~K filing is intended to simultaneously satisfy~~5505 ~~the~~(Registrant’s ~~filing~~Telephone ~~obligation~~Number, ofIncluding ~~the~~Area ~~registrant under any of the following provisions:~~Code)

o(Former ~~Written~~Name ~~communications~~or ~~pursuant~~Former toAddress, ~~Rule 425~~if ~~under~~Changed ~~the~~Since ~~Securities~~Last ~~Act (17 CFR 230.425~~Report)

o Check ~~Soliciting~~the ~~material~~appropriate ~~pursuant~~box tobelow ~~Rule 14a~~if the Form 8-12K ~~under~~filing is intended to simultaneously satisfy the ~~Exchange~~filing ~~Act~~obligation ~~(17~~of ~~CFR~~the ~~240.14a-12)~~registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d- 2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c))

oTABLE ~~Pre-commencement~~OF ~~communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))~~ CONTENTS

Item 21.01. ~~Completion~~Entry ofinto ~~Acquisition~~a orMaterial ~~Disposition~~Definitive ofAgreement ~~Assets~~Item 9.01. Financial Statements and Exhibits SIGNATURES EXHIBIT INDEX Agreement of Sale

OnTable June 3, 2005, Captec Franchise Capital Partners L.P. IV (the “Partnership”) and Gibraltar 1031 Restaurants No. 1, LLC (formerly known as Gibraltar 1031 Restaurants, LLC) (“Gibraltar”) consummated a transaction pursuant to which the Partnership sold to Gibraltar twelve of the Partnership’s properties and certain real property leases related to such properties for an aggregate purchase price of $20,975,000. There is no material relationship between the Partnership or its affiliates and Gibraltar, other than in respect of this transaction. Contents

Section 1 – Registrant’s Business and Operations

Item 1.01. Entry into a Material Definitive Agreement.

On June 28, 2005, Captec Franchise Capital Partners L.P. IV (the “Partnership”) and Spirit Finance Acquisitions, LLC (“Spirit”) executed an Agreement of Sale (the “Agreement”) pursuant to which the Partnership has agreed to sell to Spirit the Partnership’s property located in Plainview, Texas and leased to United Supermarkets for a purchase price of $6,000,000.

The closing of the transaction contemplated by the Agreement is contingent upon the satisfaction of certain customary conditions set forth more fully in the Agreement, including satisfactory completion of due diligence review by Spirit. The parties to the Agreement anticipate that the closing will occur on or before August 12, 2005.

There is no material relationship between the Partnership or its affiliates and Spirit, other than in respect of the Agreement.

Item 9.01. Financial Statements and Exhibits.

(a) No financial statements are required to be filed as part of this Form 8-K. (b) No pro forma financial information is required to be filed as part of this Form 8-K. (c) NoThe ~~exhibits~~following ~~are~~exhibit ~~required~~is ~~to be~~ filed as part of this Form 8-K.:

Agreement of Sale between Spirit Finance Acquisitions, LLC and Captec Franchise Capital Partners L.P. IV, dated June 28, 2005.

Forward-Looking Statements

This Form 8-K contains forward-looking statements, which are any statements other than statements of historical fact. As utilized in this document, words such as “intends,” “anticipates,” “expects,” “will,” “could,” “estimate” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements, including statements concerning anticipated future revenues, by their nature involve substantial risks and uncertainties, many of which are beyond the Partnership’s control and the Partnership’s actual results may differ materially depending on a variety of important factors. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this Form 8-K. The Partnership disclaims any obligation to update or revise these forward-looking statements to reflect events or circumstances after the date of this Form 8-K or to reflect the occurrence of unanticipated events, except as may be required by law.

SIGNATURES Table of Contents

~~Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly~~SIGNATURES ~~caused this report to be signed on its behalf by the undersigned hereunto duly authorized.~~

CAPTEC FRANCHISE CAPITAL PARTNERS L.P. IV
By:		GP4 Asset Acquisition, LLCGeneral Partner of Captec Franchise Capital Partners L.P. IV
By:		/s/ Patrick L. Beach
		Patrick L. Beach President

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

~~Date:~~CAPTEC ~~June 3,~~FRANCHISE ~~2005~~CAPITAL PARTNERS L.P. IV


By:		GP4 Asset Acquisition, LLC
		General Partner of Captec Franchise Capital Partners L.P. IV

By:		/s/ Patrick L. Beach

		Patrick L. Beach
		President

Date:		July 6, 2005

EXHIBIT INDEX


EXHIBIT NO.		EXHIBIT DESCRIPTION
99		Agreement of sale between Spirit Finance Acquisitions, LLC and Captec Franchise Capital Partners L.P. IV, dated June 28, 2005.

Filing Compare · CAPTEC FRANCHISE CAPITAL PARTNERS L P IV